Stock markets in Europe have recorded some of their biggest losses in more than six years.

A new report predicts Australia's economy will remain strong for the rest of the financial year.

The EU statistical agency Eurostat said Friday that inflation in the 13 nations that share the euro achieved the highest level since consumers began using the currency in 2002 – 3 percent.

As consumer confidence slipped in France, one of Europe's largest economies, euro fell against dollar Thursday.

The European currency hit a new record high against the U.S. dollar Friday amid speculation of ongoing American credit crisis and a possible rate cut from Washington.

The International Monetary Fund's former chief economist says China is violating its rules by keeping its currency artificially undervalued. VOA's Barry Wood reports Michael Mussa says Beijing must revalue its currency for the sake of global economic stability.

The credit market problems remained a constant backdrop as uncertainty again characterised trade on American equity markets. The key stock indexes managed moderate gains early on, but closed significantly lower.

The price of oil briefly touched $98 a barrel Wednesday while the dollar continued its decline and the Dow Jones Industrials fell two percent. VOA's Barry Wood reports one expert sees a direct relationship between the dollar's decline and the price of oil.

The dollar rose slightly against the yen in Asia Thursday as traders remained cautious on prospects for the U.S. economy.

As the Australian dollar continues its relentless climb, there is growing nervousness amongst tourism bosses. The dollar's value of around 92 US cents is great news for Australians heading overseas, but is making life a little more expensive for foreigners heading here, as well as exporters from Australia.

The Australian share market lifted early today after a positive lead from Wall Street and hit a record high during the session.

Wall Street shares ended mostly lower overnight, with fairly lacklustre earnings news and Boeing's problems in its Dreamliner program prompting investors to lock in gains after Tuesday's record-setting session.